Leave a comment » Wallace Neff Classic in Pasadena California - Luxury Estate for SaleSee a Wallace Neff renovated estate near CalTech. Luxury real estate homes for sale in Pasadena California.Last week, I had the opportunity to tour 1649 Lombardy Road in Pasadena California. This gracious home resides among the Pasadena estates that are minutes from the Huntington Library in San Marino and CalTech in Pasadena. Wallace Neff, the architect known for developing the "California" style of homes excelled himself when he designed this estate in 1924. Since then, this luxury home has been tastefully renovated and is now waiting for a new owner. READ MORE: Top 10 Luxury Estates sold in Pasadena in 2009 Estate Property Details:5 Bedrooms and 6 Baths House was measured to be over 7,300 sq. ft. per agent's brochure Lot size is 23,425 per assessor Formal Dining Room Amazing Great Room with an Open Kitchen Game Room 3 Car Garage Zoned HVAC System Double Gated Driveway and much, much more...
As you walk through this home, the attention to detail and the use of materials throughout is breathtaking. Take a look at some of these photos, courtesy of Laurie March. Peace and tranquility with lush landscaping and use of wood floors throughout... Library/Ofice... love the nook for the books and tons of light through the windows. http://www.pasadenacarealestatehomes.com/00A71B
Posted on February 05, 2010 16:32:45
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Leave a comment » A New San Marino Foreclosure on the Real Estate MarketFirst San Marino foreclosure for 2010...San Marino and foreclosures are not synonymous. There were only 2 bank owned homes in San Marino last year. Well, we have a new one on the market now. 2810 Lombardy Road in San Marino was auctioned off on November 6th 2009 and reverted to Index West LLC when there were no takers. It is now listed in the Multiple Listing Service for $1,550,000 and is the first San Marino foreclosure for 2010.This home features 4 bedrooms and 3 baths and is listed by the tax assessor to have 2,839 square feet. It sits on a 12,000+ sq. ft. lot. I have not had an opportunity to drive by and take a look at the property, but as soon as I do, I'll post some pictures. So... how did this foreclosure happen? What is the story behind this foreclosure home? Let's take a look here:September 2005: Home purchased for $1,220,000. The home buyers put a 30% down payment and financed the difference with a $854,000 loan. July 2006: Home owners took out an equity loan of $150,000 February 2007: Home owners refinanced their loans to combine into one - $1,000,000 trust deed. August 2007: a 2nd loan was obtained for $500,000. Fast forward to December of 2008:Notice of Default filed by the Trustee on 12/12/08 Notice of Trustee Sale was filed on 3/23/09 Actual Auction Sales date was on 11/6/2009 It took the bank 2.5 months to actually list the property for sale. Information on the listing is at the bottom of this post for your review. In the meantime, let's take a look at how San Marino may be affected by foreclosures in the upcoming months:There are currently, 3 homes slated to go to auction between now and the end of February and 5 San Marino homes are in pre-foreclosure process with Notices of Default already filed. Unfortunately, San Marino is also beginning to feel the pain of this market place. READ MORE: Pasadena Foreclosures - What Can We Expect in 2010 Search all San Marino Homes for Sale here. If you are interested in seeing this home or getting information on upcoming foreclosures in San Marino, give us a call. If you are a home owner in distress and need help in negotiating with your bank(s), let us know, we might be able to help.
Pasadena Real Estate Agents 445 South Fair Oaks Avenue Pasadena, CA 91105 http://www.pasadenacarealestatehomes.com/00A5BD
Posted on January 12, 2010 09:54:09
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2 comments » Pasadena Foreclosures: What Can We Expect in 2010?Pasadena's foreclosureThere's a lot of talk about the "shadow foreclosure inventory" across the country - homes that are in the pipeline for a foreclosure or have been foreclosed by the bank, but not released or listed on the real estate market and are not part of the existing inventory. On December 17, 2009, Bloomberg reported:
The number of homes that may be in the pipeline for a sale because of foreclosure and delinquency climbed about 55 percent to 1.7 million at the end of September, according to estimates by First American CoreLogic.
We are constantly getting calls from home buyers asking about available foreclosures in Pasadena California. Unfortunately, the volume has been pretty darn low. Almost nothing to choose from. If a nice REO home comes up on the market, it is sold (usually with multiple offers) immediately. Let's take a look at the actual REO (foreclosure) inventory in Pasadena:Single Family Homes available for sale - 9 Condos available for sale - 4 Townhomes available for sale - 3
As you can see the foreclosure count above is pretty miserable compared to the overall inventory of Pasadena homes available for sale:Single Family Homes available for sale - 203 Condos available for sale - 152 Townhomes available for sale - 50
But, are we sitting on a ton of "shadow" foreclosure inventory? When will these REOs be released? How will that inventory affect the current Pasadena home prices? Let's look at some hard data as of January 10, 2010 Bank Owned Homes in Pasadena: 88 totalSince we know that only 16 REO homes are actually listed for sale, the other 72 are MIA. That's 82% of foreclosures that are sitting on lender books waiting to hit our real estate market. That's also approximately 16% of additional inventory to the existing listing inventory. Here's the break down: Single Family - 53 homes Condos and Townhomes - 35 Read More: See Pasadena Foreclosure List of Properties Number of Pasadena home owners who received Notices of Default (NODs): 206To receive a Notice of Default, otherwise known as NOD, a home owner has to be behind on their payments. They usually would have missed at least 3 payments and the Notice of Default is the beginning of a foreclosure process. Here's the break down: Single Family - 143 Condos and Townhomes - 63 Number of Pasadena home owners with Auction Dates already scheduled: 298Most of these homes will be auctioned off in January or early February unless the home owners are able to either get current on their mortgage, negotiate a short sale with the bank, or get the bank to postpone the auction date. Single Family -232 Condos and Townhomes - 66 Read More: It's all about forgiveness! Understand the short sale process It's interesting to note that only a few of these home owners are trying to negotiate a short sale with their lender. Only 9 condo/townhomes are listed for sale as short sale and 30 single family homes. As you can see, we will definitely be seeing quite a few foreclosures on the Pasadena real estate horizon. When will they hit? I don't know. We've seen continuous efforts by the government to help home owners hold on to their homes including lender moratoriums delaying the foreclosure process. Unfortunately, that is not helping the majority of Pasadena property owners who are in trouble. If you are a Pasadena home buyer, 2010 will be a year of opportunity. If you are a home owner who is in trouble and is in jeopardy of losing your home, don't wait for the bank to foreclose. A short sale is a much better option. Give us a call for a free consultation and we'll try to help. To see how your neighborhood is affected by foreclosure, take a look at our FREE foreclosure neighborhood data and analysis tool here. Additional Reading: 2009 Real Estate Home Sales Recap and 2010 Pasadena Real Estate Forecast
IRINA NETCHAEV & ASSOCIATESPasadena Real Estate Agents 445 South Fair Oaks Avenue Pasadena, CA 91105 (626)629-VIEW(8439)
http://www.pasadenacarealestatehomes.com/00A5A3
Posted on January 10, 2010 17:31:00
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Leave a comment » November 2009 Real Estate Update for Pasadena CaliforniaSee the updated real estate statistics for Pasadena CaliforniaAs the 2009 is coming to a close, I thought that it would be interesting to compare November 2008 to November 2009 real estate statistics for Pasadena California. Some Highlights:
Take a look at the inventory of homes for sale vs sold below. The number of available Pasadena homes for sale has decreased by over 50% from September 2008 to November 2009.
Pasadena Homes for Sale:The feeds below are direct from the Multiple Listing Service
Pasadena Condos and Townhomes for Sale:To search for your new Pasadena home, and all other homes available in the Greater Los Angeles area please visit Search MLS for FREE. If you are thinking of buying or selling your Pasadena home, condo or townhome and would like a free comprehensive consulation. We'd love to meet with you! We can be reached at 626-629-VIEW(8439). IRINA NETCHAEV & ASSOCIATESPasadena Real Estate Agents 445 South Fair Oaks Avenue Pasadena, CA 91105 (626)629-VIEW (8439)http://www.pasadenacarealestatehomes.com/00A544
Posted on December 29, 2009 22:18:07
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Leave a comment » South Pasadena Dusty Deals(tm) List for December 2009 - Your South Pasadena Real Estate DealsSee South Pasadena real estate opportunities in our Dusty Deals(tm) list.This year, many calls and emails from potential home buyers came in about short sales and foreclosure homes in South Pasadena; every one is looking for that "Real Estate DEAL"! As we begin to evaluate the year that is coming to a close and look ahead for the goals of 2010, for many home ownwership will be at the top of the list. Don't limit your possiblities to foreclosure homes and short sales! There are South Pasadena homes and condos for sale now that could be purchased for pretty good prices. And... when you are not dealing with banks, but are negotiating directly with home sellers, you can ask for concessions. For example, wouldn't it be nice to have the home seller buy down your interest rate to make your monthly payment lower? A great place to start would be with homes, condominiums and townhouses that have been on the market for several months. Most home sellers at this point have either adjusted their home price or are open to negotiation. The houses below have been on the market for over 100 days (over 3 months!). There could be some pretty good deals hiding in there and incentives! With the first time home buyer tax credit still available through April of 2010, why not make your new home dreams a reality! We call them Dusty Deals™! Here is our Dusty Deals™ list for South Pasadena, California - Find your South Pasadena home:http://www.pasadenacarealestatehomes.com/00A4FB
Posted on December 17, 2009 12:57:01
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